There is a significant IPO underpricing phenomenon in the stocks of high-tech companies on China Science and Technology Innovation Board (STAR Market). In order to analyze the causes of high IPO underpricing on STAR Market. from the perspective of investor behavior. this paper uses the Two-tier Stochastic Frontier Model to decompose IPO underpricing into two parts. https://mylittlewardrobers.shop/product-category/bibs/